PUBLISHING: Meredith Corp. to sell its Fortune brand

Media and publishing giant Meredith Corp. says it is selling its Fortune brand for $150 million in cash to Fortune Media Group. Meredith said Friday it will use the proceeds to pay down debt. Fortune Media Group is owned outright by Thai businessman Chatchaval Jiaravanon, a part owner of the international conglomerate Charoen Pokphand Group. Meredith, based in Des Moines, Iowa, had acquired Fortune as part of its purchase of Time Inc., which closed early this year. Meredith then sold Time magazine in October to Marc Benioff and his wife, Lynne.